NPORT-EX 2 dyof-efp16886_nport.htm DLY PART F
DoubleLine Yield Opportunities Fund   (Unaudited)
     
Schedule of Investments   June 30, 2025

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 ASSET BACKED OBLIGATIONS - 2.0%             
     Affirm, Inc.             
 1,300,000   Series 2023-B-D   8.78%(a)  09/15/2028   1,308,604 
     Apollo Aviation Securitization Equity Trust             
 478,581   Series 2024-1A-B   6.90%(a)  05/16/2049   485,420 
 474,192   Series 2024-2A-B   6.61%(a)  09/16/2049   492,432 
     AVANT Loans Funding Trust             
 725,000   Series 2025-REV1-D   8.39%(a)  05/15/2034   727,475 
     Blue Stream Communications LLC             
 2,500,000   Series 2023-1A-C   8.90%(a)  05/20/2053   2,582,350 
     Compass Datacenters LLC             
 750,000   Series 2024-1A-B   7.00%(a)  02/25/2049   771,559 
     JetBlue Airways Corp.             
 886,772   Series 2019-1   8.00%  05/15/2029   884,555 
     JOL Air Ltd.             
 2,641,304   Series 2019-1-B   4.95%(a)  04/15/2044   2,621,901 
     Kestrel Aircraft Funding USA LLC             
 646,770   Series 2018-1A-A   4.25%(a)  12/15/2038   645,223 
     MACH 1 Cayman Ltd.             
 156,569   Series 2019-1-B   4.34%(a)  10/15/2039   149,156 
     Marlette Funding Trust             
 8,192   Series 2021-1A-R   0.00%(a)(b)(c)  06/16/2031   136,206 
     Pagaya AI Debt Selection Trust             
 2,425,852   Series 2021-3-CERT   0.00%(a)(b)(c)  05/15/2029   67,890 
     SOFI Alternative Trust             
 55,000   Series 2021-2-R1   0.00%(a)(b)(c)  08/15/2030   253,221 
     SoFi Professional Loan Program LLC             
 20,000   Series 2018-C-R1   0.00%(a)(b)(c)  01/25/2048   136,410 
     Start Ltd./Bermuda             
 149,907   Series 2019-1-C   6.41%(a)  03/15/2044   149,146 
     Start/Bermuda             
 2,002,466   Series 2018-1-A   4.09%(a)  05/15/2043   2,002,592 
     Switch ABS Issuer LLC             
 1,000,000   Series 2024-2A-C   10.03%(a)  06/25/2054   1,037,619 
     Upstart Securitization Trust             
 275,041   Series 2021-4-C   3.19%(a)  09/20/2031   271,147 
 3,300   Series 2021-5-CERT   0.00%(a)(b)(c)  11/20/2031   222,735 
     Total Asset Backed Obligations (Cost $13,768,709)           14,945,641 
 BANK LOANS - 21.6%             
     1261229 BC Ltd.             
 2,450,000   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.25%, 0.00% Floor)   10.56%  10/08/2030   2,368,268 
     Access CIG LLC             
 1,577,323   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.38%  08/18/2028   1,586,566 
     Acuris Finance US, Inc.             
 1,465,000   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)   8.05%  02/16/2028   1,468,208 
     ADMI Corp.             
 1,110,577   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.86%, 0.50% Floor)   8.19%  12/23/2027   1,061,989 
 901,275   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.75%, 0.00% Floor)   10.08%  12/23/2027   876,039 
     Alera Group 2nd Lien T/L             
 1,455,000   Senior Secured Second Lien Term Loan (1 mo. SOFR US + 5.50%, 0.50% Floor)   9.83%  05/30/2033   1,485,009 
     Allied Universal Holdco LLC             
 1,006,923   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.50% Floor)   8.18%  05/15/2028   1,012,859 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     Altice France SA             
 543,073   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.50%, 0.00% Floor)   9.76%  08/31/2028   493,442 
     Alvaria Holdco (Aspect Software) Second-Out T/L             
 43,536   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.11% Cash or 6.50% PIK, 0.75% Floor)   5.54%  05/05/2028   12,255 
 577,009   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 1.11%, 0.75% Floor)   5.54%  05/05/2028   162,428 
     Alvaria Holdco (Aspect Software) Third-Out T/L A             
 85,509   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.11% Cash or 5.50% PIK, 0.75% Floor)   6.54%  05/05/2028   2,458 
 1,346,354   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 2.11%, 0.00% Floor)   6.54%  05/05/2028   38,708 
     Applied Systems, Inc.             
 670,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.00% Floor)   8.80%  02/23/2032   688,676 
     Apro LLC             
 2,988,825   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)   8.06%  07/09/2031   2,985,089 
     Ascend Learning LLC             
 3,251,124   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.85%, 0.50% Floor)   10.18%  12/10/2029   3,263,316 
     Aspire Bakeries T/L B             
 611,910   Senior Secured Term Loan   7.82%(d)  12/23/2030   608,850 
     Astra Acquisition Corp.             
 274,452   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 6.75%, 2.00% Floor)   11.05%(e)  02/25/2028   78,134 
 438,485   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%, 2.00% Floor)   9.55%(e)  10/25/2028   9,866 
 3,249,219   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 8.99%, 0.75% Floor)   13.16%(e)  10/25/2029   21,672 
     Asurion LLC             
 305,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor)   9.69%  02/03/2028   292,515 
 1,425,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.00% Floor)   9.69%  01/22/2029   1,325,806 
     Aveanna Healthcare LLC             
 1,346,504   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.85%, 0.50% Floor)   8.18%  07/17/2028   1,320,840 
 2,800,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.15%, 0.50% Floor)   11.48%  12/10/2029   2,755,900 
     Bausch + Lomb Corp.             
 948,113   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)   8.33%  09/29/2028   950,089 
 2,795,000   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)   8.57%  01/15/2031   2,803,748 
     Boxer Parent Co., Inc.             
 1,391,513   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.00% Floor)   7.33%  07/30/2031   1,384,464 
 4,235,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.00% Floor)   10.08%  07/30/2032   4,131,793 
     Brand Industrial Services, Inc.             
 1,371,891   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.50%, 0.50% Floor)   8.78%  08/01/2030   1,153,850 
     Central Parent LLC             
 698,979   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25%, 0.00% Floor)   7.55%  07/06/2029   585,430 
     Cloud Software Group, Inc.             
 1,350,000   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%)   8.05%  03/24/2031   1,353,794 
     ClubCorp Holdings, Inc.             
 3,127,272   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor)   9.56%  09/18/2026   3,135,090 
 1,547   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.26%, 0.00% Floor)   9.56%  09/18/2026   1,550 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     CommScope LLC             
 4,500,000   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%, 2.00% Floor)   9.58%  12/17/2029   4,561,402 
     Constant Contact, Inc.             
 4,500,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.76%, 0.00% Floor)   12.02%  02/12/2029   3,864,375 
     Cornerstone Building Brands, Inc.             
 522,375   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.50%, 0.50% Floor)   8.81%  05/15/2031   446,631 
     Crown Finance US, Inc.             
 4,014,825   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)   9.57%  12/02/2031   4,018,840 
     Dexko Global, Inc.             
 689,654   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.01%, 0.50% Floor)   8.19%  10/04/2028   661,647 
 778,150   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.00% Floor)   8.58%  10/04/2028   750,105 
     DG Investment Intermediate Holdings 2, Inc.             
 2,035,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 6.86%, 0.75% Floor)   11.19%  03/29/2029   2,028,000 
     Directv Financing LLC             
 2,982,600   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.51%, 0.75% Floor)   9.79%  08/02/2029   2,964,972 
     Eagle Parent Corp.             
 3,102,271   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.55%  04/02/2029   3,081,594 
 298,121   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.55%  04/02/2029   296,133 
 298,121   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.55%  04/02/2029   296,134 
     Edelman Financial Engines Center LLC             
 3,025,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)   9.58%  10/06/2028   3,041,259 
     EG America LLC             
 2,111,365   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.00% Floor)   8.58%  02/07/2028   2,123,611 
     Eisner Advisory Group LLC             
 1,192,651   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)   8.33%  02/28/2031   1,199,360 
     Element Materials Technology Group US Holdings, Inc.             
 224,250   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor)   8.05%  06/25/2029   225,231 
     Ellucian Holdings, Inc.             
 620,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)   9.08%  11/22/2032   633,950 
     Fertitta Entertainment LLC/NV             
 1,915,343   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.50%, 0.50% Floor)   7.83%  01/29/2029   1,915,419 
     FinThrive Software Intermediate Holdings, Inc.             
 78,500   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.11%, 0.50% Floor)   8.44%  12/18/2028   71,043 
 431,750   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.86%, 0.50% Floor)   11.19%  12/17/2029   352,146 
     Flynn America LP             
 533,813   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)   8.94%  07/31/2028   531,143 
 533,813   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.61%, 0.50% Floor)   8.94%  07/31/2028   531,143 
     Gainwell Acquisition Corp.             
 4,424,193   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 0.10%, 0.75% Floor)   8.40%  10/01/2027   4,272,664 
     Golden State Foods LLC             
 1,200,955   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)   8.56%  12/04/2031   1,208,221 
     Groupe Solmax, Inc.             
 267,137   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.86%, 0.75% Floor)   9.19%  07/24/2028   225,835 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 185,977   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.86%, 0.75% Floor)   9.19%  07/24/2028   157,223 
 185,512   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.75% Floor)   9.31%  07/24/2028   156,830 
 341,341   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.75% Floor)   9.31%  07/24/2028   288,567 
     Hexion Holdings Corp.             
 2,898,362   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.50% Floor)   8.31%  03/15/2029   2,895,638 
     Husky Injection Molding Systems Ltd.             
 1,930,175   Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.50%, 0.00% Floor)   8.67%  02/15/2029   1,937,751 
 1,930,175   Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.50%, 0.00% Floor)   8.80%  02/15/2029   1,937,751 
     INEOS US Finance LLC             
 3,341,703   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)   7.58%  02/19/2030   3,211,326 
     INEOS US Petrochem LLC             
 1,002,313   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.35%, 0.00% Floor)   8.68%  03/29/2029   935,909 
 1,730,663   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%, 0.00% Floor)   8.58%  10/07/2031   1,585,719 
     Kenan Advantage Group, Inc.             
 1,046,777   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.25%, 0.00% Floor)   7.58%  01/25/2029   1,033,692 
     Klockner Pentaplast of America, Inc.             
 1,157,907   Senior Secured First Lien Term Loan (6 mo. Term SOFR + 4.98%, 0.50% Floor)   9.23%  02/09/2026   1,074,370 
     Kronos Acquisition Holdings, Inc.             
 1,771,613   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)   8.30%  07/08/2031   1,592,680 
     Lasership, Inc.             
 10,670   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 7.50% Cash or 1 mo. SOFR US + 1.50% Cash + 7.00% PIK, 0.75% Floor)   11.93%  08/10/2029   3,290 
 237,301   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 7.50% Cash or 1 mo. SOFR US + 1.76% Cash + 7.00% PIK, 0.75% Floor)   11.93%  08/10/2029   73,167 
     LBM Acquisition LLC             
 2,431,554   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.75% Floor)   8.16%  06/06/2031   2,279,582 
     Lereta LLC             
 369,160   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.36%, 0.75% Floor)   9.69%  08/07/2028   328,157 
     LifePoint Health, Inc.             
 267,978   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.50%, 1.00% Floor)   7.82%  05/19/2031   264,318 
 2,999,039   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.00% Floor)   8.01%  05/19/2031   2,971,853 
     MH Sub I LLC             
 995,000   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)   8.58%  12/31/2031   867,207 
     Mitchell International, Inc.             
 3,310,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.00% Floor)   9.58%  06/17/2032   3,269,453 
     Natgasoline LLC             
 1,172,625   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.50%, 0.00% Floor)   9.83%  03/29/2030   1,168,228 
     Needle Holdings LLC             
 20,999   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 8.50%, 0.00% Floor)   16.00%(e)  04/28/2028   5,565 
     NEP Group, Inc.             
 84,342   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25% + 1.50% PIK, 0.00% Floor)   7.84%  08/19/2026   77,937 
 2,686,006   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.25% + 1.50% PIK, 0.00% Floor)    7.84%  08/19/2026   2,482,044 
 770,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.26%, 0.00% Floor)   11.59%  10/19/2026   415,800 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     NGL Energy Operating LLC             
 301,188   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.00% Floor)   8.08%  02/03/2031   299,439 
     OneDigital Borrower LLC             
 2,570,000   Senior Secured Second Lien Term Loan (1 mo. Term SOFR + 5.25%, 0.50% Floor)   9.58%  07/02/2032   2,579,638 
     Ontario Gaming GTA LP             
 2,259,062   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.55%  08/01/2030   2,240,357 
     Par Petroleum LLC             
 992,180   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.75%, 0.50% Floor)   8.01%  02/28/2030   985,364 
     PetSmart LLC             
 2,668,070   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.85%, 0.75% Floor)   8.18%  02/14/2028   2,646,392 
     Polaris Newco LLC             
 2,695,972   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.86%, 0.50% Floor)   8.29%  06/05/2028   2,630,999 
     Pregis TopCo LLC             
 2,852,850   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.00%, 0.00% Floor)   8.33%  02/01/2029   2,864,618 
     Pretium PKG Holdings, Inc.             
 960,000   Senior Secured Second Lien Term Loan (3 mo. Term SOFR + 7.01%, 0.50% Floor)   11.31%  10/01/2029   166,560 
     Pretzel Parent T/L B             
 2,443,875   Senior Secured First Lien Term Loan (1 mo. SOFR US + 4.50%, 0.00% Floor)   8.83%  10/01/2031   2,429,823 
     Radiology Partners, Inc.             
 3,995,000   Senior Secured Term Loan (1 mo. Term SOFR + 4.50%)   8.82%  06/30/2032   3,967,535 
     Sabre GLBL, Inc.             
 3,248,491   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 5.10%, 0.50% Floor)   9.43%  06/30/2028   3,233,061 
 239,399   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 6.00%)   10.43%  11/15/2029   239,399 
     Staples, Inc.             
 625,275   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.75%, 0.50% Floor)   10.03%  09/10/2029   578,601 
     StubHub Holdco Sub LLC             
 3,004,652   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)   9.08%  03/15/2030   2,924,518 
     Team Health Holdings, Inc.             
 2,776,545   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.25%, 1.00% Floor)   9.53%  03/02/2027   2,766,994 
     Townsquare Media, Inc.             
 2,951,438   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.00%, 0.00% Floor)   9.32%  02/19/2030   2,671,051 
     Travelport Finance Luxembourg Sarl             
 421,722   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.69%, 1.00% Floor)   11.30%  09/29/2028   327,758 
 1,231,660   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.69%, 1.00% Floor)   11.30%  09/29/2028   957,233 
     Trident TPI Holdings, Inc.             
 2,707,593   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 3.75%, 0.50% Floor)   8.05%  09/18/2028   2,663,947 
     United Natural Foods, Inc.             
 839,300   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.00% Floor)   9.08%  05/01/2031   847,693 
     Univision Communications, Inc.             
 1,847,817   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.50% Floor)   8.55%  06/25/2029   1,844,741 
     Vantage Specialty Chemicals, Inc.             
 2,201,981   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.75%, 0.50% Floor)   9.03%  10/26/2026   2,137,485 
     Veritiv Operating Co.             
 2,338,121   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.00%, 0.00% Floor)   8.30%  11/30/2030   2,349,227 
     Vibrantz Technologies, Inc.             
 864,444   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.40%, 0.50% Floor)   8.64%  04/23/2029   757,167 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     Victra Holdings LLC             
 2,437,764   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 4.25%, 0.75% Floor)   8.55%  03/29/2029   2,441,579 
     Voyager Parent LLC             
 3,215,000   Senior Secured Term Loan (1 mo. Term SOFR + 4.75%)   9.07%  05/10/2032   3,186,419 
     VT Topco, Inc.             
 886,562   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 3.00%, 0.50% Floor)   7.30%  08/09/2030   889,501 
     Wand NewCo 3, Inc.             
 818,106   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 2.50%, 0.00% Floor)   6.83%  01/30/2031   815,398 
     WaterBridge Midstream Operating LLC             
 3,100,020   Senior Secured First Lien Term Loan (3 mo. Term SOFR + 5.01%, 0.00% Floor)   9.31%  06/27/2029   3,091,712 
     Zayo Group Holdings, Inc.             
 653,316   Senior Secured First Lien Term Loan (1 mo. Term SOFR + 4.25%)   8.58%  03/09/2027   629,156 
     Total Bank Loans (Cost $175,081,284)           165,896,981 
 COLLATERALIZED LOAN OBLIGATIONS - 10.8%             
     Aimco CDO             
 500,000   Series 2019-10A-ERR (3 mo. Term SOFR + 5.65%, 5.65% Floor)   9.92%(a)  07/22/2037   508,304 
     Babson CLO Ltd./Cayman Islands             
 1,500,000   Series 2019-2A-D1RR (3 mo. Term SOFR + 2.90%, 2.90% Floor)   7.16%(a)  01/15/2038   1,508,340 
     Bain Capital Credit CLO             
 1,250,000   Series 2022-3A-E (3 mo. Term SOFR + 7.35%, 7.35% Floor)   11.63%(a)  07/17/2035   1,256,212 
     Buttermilk Park CLO             
 750,000   Series 2018-1A-E (3 mo. Term SOFR + 6.01%, 5.75% Floor)   10.27%(a)  10/15/2031   751,899 
     Canyon Capital CLO Ltd.             
 1,000,000   Series 2021-1A-E (3 mo. Term SOFR + 6.67%, 6.41% Floor)   10.93%(a)  04/15/2034   1,007,828 
     Canyon CLO             
 1,850,000   Series 2020-2A-ER2 (3 mo. Term SOFR + 5.75%, 5.75% Floor)   10.01%(a)  10/15/2034   1,827,022 
 2,000,000   Series 2021-3A-E (3 mo. Term SOFR + 6.46%, 6.20% Floor)   10.72%(a)  07/15/2034   1,997,930 
     Carlyle Global Market Strategies             
 1,875,000   Series 2020-2A-DR (3 mo. Term SOFR + 6.96%, 6.70% Floor)   11.24%(a)  01/25/2035   1,885,075 
     CIFC Funding Ltd.             
 2,000,000   Series 2013-1A-DR (3 mo. Term SOFR + 6.91%, 0.00% Floor)   11.17%(a)  07/16/2030   2,003,580 
 3,350,000   Series 2013-3RA-D (3 mo. Term SOFR + 6.16%, 5.90% Floor)   10.44%(a)  04/24/2031   3,309,386 
 2,000,000   Series 2020-1A-ER (3 mo. Term SOFR + 6.51%, 6.51% Floor)   10.77%(a)  07/15/2036   2,010,042 
     Dryden Senior Loan Fund             
 2,000,000   Series 2017-54A-E (3 mo. Term SOFR + 6.46%, 0.00% Floor)   10.73%(a)  10/19/2029   1,969,631 
 1,000,000   Series 2020-77A-ER (3 mo. Term SOFR + 6.13%, 6.13% Floor)   10.45%(a)  05/20/2034   977,826 
 2,500,000   Series 2021-87A-E (3 mo. Term SOFR + 6.41%, 6.15% Floor)   10.73%(a)  05/20/2034   2,478,546 
     Highbridge Loan Management Ltd.             
 1,550,000   Series 2013-2A-CR (3 mo. Term SOFR + 3.16%, 2.90% Floor)   7.43%(a)  10/20/2029   1,556,056 
     ING Investment Management CLO Ltd.             
 2,000,000   Series 2013-3A-DR (3 mo. Term SOFR + 6.16%, 5.90% Floor)   10.43%(a)  10/18/2031   1,984,849 
     Katayma CLO Ltd.             
 1,000,000   Series 2024-2A-E (3 mo. Term SOFR + 7.33%, 7.33% Floor)   11.60%(a)  04/20/2037   1,011,554 
     Milos Clo             
 4,000,000   Series 2017-1A-ER (3 mo. Term SOFR + 6.41%, 6.15% Floor)   10.68%(a)  10/20/2030   3,994,217 
     Neuberger Berman CLO Ltd.             
 7,000,000   Series 2019-34A-ER (3 mo. Term SOFR + 6.50%, 6.50% Floor)   10.77%(a)  01/20/2035   7,030,437 
     Octagon Investment Partners Ltd.             
 750,000   Series 2019-1A-E (3 mo. Term SOFR + 6.86%, 6.60% Floor)   11.14%(a)  10/25/2032   747,264 
 1,500,000   Series 2019-1A-ER (3 mo. Term SOFR + 7.26%, 7.00% Floor)   11.53%(a)  01/20/2035   1,440,128 
 5,000,000   Series 2019-1A-INC   0.00%(a)(b)(c)(f)  10/25/2032   1,653,090 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 1,000,000   Series 2020-2A-ER (3 mo. Term SOFR + 6.86%, 6.60% Floor)   11.12%(a)  07/15/2036   906,008 
 4,000,000   Series 2021-1A-E (3 mo. Term SOFR + 6.76%, 6.50% Floor)   11.02%(a)  04/15/2034   3,794,015 
     Octagon Loan Funding             
 1,000,000   Series 2014-1A-ERR (3 mo. Term SOFR + 6.26%, 6.00% Floor)   10.59%(a)  11/18/2031   962,708 
     Point Au Roche Park CLO             
 500,000   Series 2021-1A-E (3 mo. Term SOFR + 6.36%, 6.10% Floor)   10.63%(a)  07/20/2034   495,948 
     RR Ltd./Cayman Islands             
 5,000,000   Series 2017-2A-DR (3 mo. Term SOFR + 6.06%, 5.80% Floor)   10.32%(a)  04/15/2036   4,857,851 
     Sound Point CLO Ltd.             
 3,000,000   Series 2020-1A-ER (3 mo. Term SOFR + 7.12%, 7.12% Floor)   11.39%(a)  07/20/2034   2,870,387 
 4,000,000   Series 2020-2A-ER (3 mo. Term SOFR + 6.82%, 6.56% Floor)   11.10%(a)  10/25/2034   3,760,338 
 7,000,000   Series 2021-2A-E (3 mo. Term SOFR + 6.62%, 6.36% Floor)   10.90%(a)  07/25/2034   6,519,071 
 2,000,000   Series 2021-3A-E (3 mo. Term SOFR + 6.87%, 6.61% Floor)   11.15%(a)  10/25/2034   1,759,465 
 7,000,000   Series 2021-4A-E (3 mo. Term SOFR + 6.96%, 6.96% Floor)   11.24%(a)  10/25/2034   6,203,392 
     Voya CLO Ltd.             
 1,350,000   Series 2017-2A-D (3 mo. Term SOFR + 6.28%, 0.00% Floor)   10.54%(a)  06/07/2030   1,309,543 
 2,700,000   Series 2018-1A-D (3 mo. Term SOFR + 5.46%, 0.00% Floor)   9.73%(a)  04/19/2031   2,508,227 
     Wind River CLO Ltd.             
 2,500,000   Series 2017-3A-ER (3 mo. Term SOFR + 7.31%, 7.05% Floor)   11.57%(a)  04/15/2035   2,423,326 
 1,000,000   Series 2018-1A-E (3 mo. Term SOFR + 5.76%, 0.00% Floor)   10.02%(a)  07/15/2030   1,005,162 
 1,000,000   Series 2018-2A-E (3 mo. Term SOFR + 6.01%, 0.00% Floor)   10.27%(a)  07/15/2030   959,996 
     Total Collateralized Loan Obligations (Cost $84,579,392)           83,244,653 
 FOREIGN CORPORATE BONDS - 12.5%             
 147,825   ACI Airport Sudamerica SA   6.88%(a)  11/29/2034   143,540 
 3,183,118   Acu Petroleo Luxembourg Sarl   7.50%  01/13/2032   3,181,557 
 3,800,000   Adani Ports & Special Economic Zone Ltd.   5.00%  08/02/2041   2,998,111 
 2,004,000   Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharash   4.63%  10/15/2039   1,616,540 
 868,750   Adani Transmission Step-One Ltd.   4.25%  05/21/2036   740,252 
 1,000,000   AL Candelaria Spain SA   5.75%(a)  06/15/2033   849,350 
 4,344,000   AL Candelaria Spain SA   5.75%  06/15/2033   3,689,576 
 942,731   Alpha Holding SAB de CV   9.00%(a)(e)  12/31/2025   7,070 
 2,356,827   Alpha Holding SAB de CV   9.00%(e)  12/31/2025   17,676 
 470,827   Alpha Holding SAB de CV   10.00%(e)  12/19/2026   5,885 
 244,936   Autopistas del Sol SA/Costa Rica   7.38%  12/30/2030   243,709 
 700,000   Braskem Idesa SAPI   7.45%  11/15/2029   516,005 
 3,200,000   Braskem Idesa SAPI   6.99%(a)  02/20/2032   2,223,932 
 4,300,000   Braskem Netherlands Finance BV   5.88%  01/31/2050   2,707,994 
 1,600,000   BRF SA   5.75%  09/21/2050   1,300,901 
 4,300,000   Canacol Energy Ltd.   5.75%  11/24/2028   1,488,076 
 4,100,000   CAP SA   3.90%  04/27/2031   3,298,046 
 333,333   Comision Federal de Electricidad   5.00%  07/30/2049   278,890 
 800,000   Cosan Overseas Ltd.   8.25%(g)  08/05/2025   807,904 
 2,200,000   CSN Resources SA   4.63%  06/10/2031   1,733,667 
 1,700,000   CSN Resources SA   5.88%  04/08/2032   1,399,507 
 725,000   eG Global Finance PLC   12.00%(a)  11/30/2028   801,110 
 1,700,000   ENA Master Trust   4.00%  05/19/2048   1,232,755 
 808,000   Fideicomiso Irrevocable de Administracion y Fuente de Pago Numero CIB/4323
 (11.00% Cash + 2.00% PIK)		   11.00%(a)  09/12/2030   655,490 
 1,126,300   Fideicomiso PA Pacifico Tres   8.25%  01/15/2035   1,138,689 
 1,250,000   Fresnillo PLC   4.25%  10/02/2050   912,263 
 1,450,000   Frigorifico Concepcion SA   7.70%  07/21/2028   1,127,850 
 2,500,000   Frigorifico Concepcion SA   7.70%(a)  07/21/2028   1,944,569 
 1,500,000   FS Luxembourg Sarl   8.63%(a)  06/25/2033   1,482,000 
 1,925,000   Garda World Security Corp.   8.25%(a)  08/01/2032   1,977,096 
 1,725,000   Garda World Security Corp.   8.38%(a)  11/15/2032   1,773,428 
 3,340,000   Global Aircraft Leasing Co. Ltd.   8.75%(a)  09/01/2027   3,428,046 
 3,100,000   Gran Tierra Energy, Inc.   9.50%(a)  10/15/2029   2,361,626 
 4,795,000   Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC   9.00%(a)  02/15/2029   5,019,396 
 1,000,000   Industrias Penoles SAB de CV   4.75%  08/06/2050   764,687 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 3,150,000   Infraestructura Energetica Nova SAPI de CV   4.88%  01/14/2048   2,328,952 
 1,000,000   Infraestructura Energetica Nova SAPI de CV   4.75%  01/15/2051   706,668 
 1,100,000   Kosmos Energy Ltd.   7.75%  05/01/2027   982,410 
 200,000   Kosmos Energy Ltd.   8.75%  10/01/2031   148,356 
 845,000   Kronos Acquisition Holdings, Inc.   8.25%(a)  06/30/2031   768,302 
 1,000,000   Medco Cypress Tree Pte Ltd.   8.63%(a)  05/19/2030   1,024,738 
 1,400,000   Metinvest BV   7.75%  10/17/2029   1,096,340 
 2,675,000   Mexarrend SAPI de CV   10.25%(e)  07/24/2025   20,063 
 4,300,000   Motion Finco Sarl   8.38%(a)  02/15/2032   3,941,914 
 2,200,000   Movida Europe SA   7.85%  04/11/2029   2,032,602 
 1,400,000   Movida Europe SA   7.85%(a)  04/11/2029   1,293,474 
 3,222,208   MV24 Capital BV   6.75%  06/01/2034   3,127,925 
 1,332,658   Oi SA
 (10.00% Cash or 7.50% Cash + 6.00% PIK or 13.50% PIK)		   10.00%(a)  06/30/2027   867,792 
 2,755,070   Oi SA
 (8.50% Cash or 8.50% PIK)		   8.50%(a)  12/31/2028   185,967 
 2,600,000   Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.   8.00%(a)  08/01/2030   2,610,447 
 438,000   Operadora de Servicios Mega SAB de CV Sofom ER   8.25%(a)(e)  12/31/2025   164,250 
 3,302,000   Operadora de Servicios Mega SAB de CV Sofom ER   8.25%(e)  12/31/2025   1,238,250 
 1,200,000   Orbia Advance Corp. SAB de CV   5.50%  01/15/2048   945,303 
 2,430,000   Phoenix Aviation Capital Ltd.   9.25%(a)  07/15/2030   2,518,713 
 215,916   Prumo Participacoes e Investimentos S/A   7.50%  12/31/2031   218,892 
 3,100,000   Raizen Fuels Finance SA   6.95%  03/05/2054   2,878,283 
 200,000   Saavi Energia Sarl   8.88%  02/10/2035   208,950 
 2,800,000   Saavi Energia Sarl   8.88%(a)  02/10/2035   2,925,300 
 2,300,000   Sasol Financing USA LLC   5.50%  03/18/2031   1,892,194 
 530,000   Seaspan Corp.   5.50%(a)  08/01/2029   504,298 
 4,400,000   Simpar Europe SA   5.20%  01/26/2031   3,608,000 
 1,085,000   Telesat Canada / Telesat LLC   5.63%(a)  12/06/2026   656,425 
 429,093   TransJamaican Highway Ltd.   5.75%  10/10/2036   398,842 
 427,053   Unigel Luxembourg SA
 (13.50% Cash or 15.00% PIK)		   13.50%  12/31/2027   343,778 
 304,068   Unigel Luxembourg SA
 (13.50% Cash or 15.00% PIK)		   13.50%(a)  12/31/2027   244,775 
 1,483,503   Unigel Luxembourg SA
 (11.00% Cash or 12.00% PIK)		   11.00%  12/31/2028   415,381 
 344,998   Unigel Luxembourg SA
 (11.00% Cash or 12.00% PIK)		   11.00%(a)  12/31/2028   96,599 
 1,806,789   Unigel Netherlands Holding Corp. BV
 (15.00% Cash or 15.00% PIK)		   15.00%  12/31/2044   58,721 
 800,000   Volcan Cia Minera SAA   8.75%  01/24/2030   795,364 
 800,000   Yinson Bergenia Production BV   8.50%(a)  01/31/2045   811,864 
     Total Foreign Corporate Bonds (Cost $113,563,357)           95,927,325 
 FOREIGN GOVERNMENT BONDS, FOREIGN AGENCIES AND FOREIGN GOVERNMENT SPONSORED CORPORATIONS - 6.7%             
 3,900,000   Aeropuerto Internacional de Tocumen SA   5.13%  08/11/2061   2,749,617 
 5,200,000   Brazilian Government International Bond   4.75%  01/14/2050   3,678,725 
 600,000   Colombia Government International Bond   4.13%  02/22/2042   381,013 
 5,100,000   Colombia Government International Bond   5.00%  06/15/2045   3,452,718 
 4,200,000   Comision Federal de Electricidad   4.68%  02/09/2051   2,929,995 
 600,000   Corp. Nacional del Cobre de Chile   3.70%  01/30/2050   407,406 
 2,750,000   Corp. Nacional del Cobre de Chile   3.15%  01/15/2051   1,690,073 
 2,365,000   Ecopetrol SA   5.88%  05/28/2045   1,634,223 
 3,150,000   Ecopetrol SA   5.88%  11/02/2051   2,076,562 
 2,400,000   Empresa de Transmision Electrica SA   5.13%  05/02/2049   1,733,100 
 397,700   FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple   7.25%(a)  01/31/2041   404,024 
 1,789,651   FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple   7.25%  01/31/2041   1,818,106 
 3,150,000   Guatemala Government Bond   4.65%  10/07/2041   2,510,156 
 1,850,000   Mexico City Airport Trust   5.50%  07/31/2047   1,528,886 
 5,250,000   Mexico Government International Bond   4.40%  02/12/2052   3,697,181 
 1,900,000   Morocco Government International Bond   4.00%  12/15/2050   1,296,465 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 3,650,000   OCP SA   5.13%  06/23/2051   2,775,889 
 1,250,000   Peruvian Government International Bond   2.78%  12/01/2060   674,662 
 3,800,000   Petrobras Global Finance BV   5.50%  06/10/2051   2,943,942 
 5,700,000   Petroleos del Peru SA   5.63%  06/19/2047   3,610,287 
 3,700,000   Petroleos Mexicanos   6.38%  01/23/2045   2,623,295 
 1,800,000   Petroleos Mexicanos   6.75%  09/21/2047   1,304,849 
 650,000   Port Of Spain Waterfront Development   7.88%  02/19/2040   647,530 
 1,600,000   Port Of Spain Waterfront Development   7.88%(a)  02/19/2040   1,593,920 
 4,200,000   Republic of South Africa Government International Bond   5.65%  09/27/2047   3,147,294 
 400,000   Trinidad Generation Unlimited   7.75%(a)  06/16/2033   414,650 
     Total Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations (Cost $59,801,004)           51,724,568 
 NON-AGENCY COMMERCIAL MORTGAGE BACKED OBLIGATIONS - 22.8%             
     1345 Trust             
 1,000,000   Series 2025-AOA-D (1 mo. Term SOFR + 3.00%, 3.00% Floor)   7.30%(a)  06/15/2030   1,004,219 
     ACREC Trust             
 2,310,000   Series 2023-FL2-B (1 mo. Term SOFR + 3.48%, 3.48% Floor)   7.79%(a)  02/19/2038   2,325,066 
     ARDN Mortgage Trust             
 1,550,000   Series 2025-ARCP-E (1 mo. Term SOFR + 4.50%, 4.50% Floor)   8.80%(a)  06/15/2035   1,557,056 
     AREIT Ltd.             
 3,000,000   Series 2024-CRE9-C (1 mo. Term SOFR + 3.09%, 3.09% Floor)   7.40%(a)  05/17/2041   2,955,819 
     AREIT Trust             
 1,930,000   Series 2022-CRE6-D (30 day avg SOFR US + 2.85%, 2.85% Floor)   7.15%(a)  01/20/2037   1,931,978 
 1,000,000   Series 2022-CRE7-D (1 mo. Term SOFR + 4.44%, 4.44% Floor)   8.76%(a)  06/17/2039   1,003,346 
 4,375,000   Series 2023-CRE8-C (1 mo. Term SOFR + 4.02%, 4.02% Floor)   8.34%(a)  08/17/2041   4,383,199 
 2,390,000   Series 2025-CRE10-D (1 mo. Term SOFR + 2.79%, 2.79% Floor)   7.10%(a)  01/17/2030   2,281,664 
     BANK             
 18,317,000   Series 2018-BN12-XE   1.50%(a)(f)(h)  05/15/2061   644,722 
 6,978,000   Series 2018-BN12-XF   1.50%(a)(f)(h)  05/15/2061   242,346 
 20,061,456   Series 2018-BN12-XG   1.50%(a)(f)(h)  05/15/2061   665,639 
 18,522,000   Series 2019-BN16-XF   1.14%(a)(f)(h)  02/15/2052   629,359 
 9,261,000   Series 2019-BN16-XG   1.14%(a)(f)(h)  02/15/2052   312,086 
 4,631,000   Series 2019-BN16-XH   1.14%(a)(f)(h)  02/15/2052   153,365 
 6,366,937   Series 2019-BN16-XJ   1.14%(a)(f)(h)  02/15/2052   200,278 
 21,359,000   Series 2022-BNK43-XD   2.40%(a)(f)(h)  08/15/2055   2,759,880 
 77,961,720   Series 2023-BNK46-XA   0.75%(f)(h)  08/15/2056   2,796,760 
     BANK5 Trust             
 219,246,759   Series 2023-5YR1-XA   0.48%(f)(h)  04/15/2056   1,549,417 
 65,071,170   Series 2023-5YR4-XA   1.26%(f)(h)  12/15/2056   1,906,748 
     BBCMS Trust             
 3,000,000   Series 2020-C7-D   3.70%(a)(f)  04/15/2053   1,758,716 
 1,150,000   Series 2025-5C34-D   4.25%(a)  05/15/2058   999,165 
     Beast Mortgage Trust             
 6,000,000   Series 2021-1818-G (1 mo. Term SOFR + 6.11%, 6.25% Floor)   10.43%(a)  03/15/2036   811,511 
     Benchmark Mortgage Trust             
 7,464,000   Series 2018-B4-D   2.92%(a)(f)  07/15/2051   6,078,113 
 12,324,000   Series 2021-B26-XF   1.50%(a)(f)(h)  06/15/2054   845,864 
 2,890,000   Series 2024-V10-D   4.50%(a)  09/15/2057   2,571,618 
     BMO Mortgage Trust             
 134,033,691   Series 2023-5C1-XA   0.82%(f)(h)  08/15/2056   2,135,452 
     BrightSpire Capital, Inc.             
 3,800,000   Series 2021-FL1-D (1 mo. Term SOFR + 2.81%, 2.70% Floor)   7.13%(a)  08/19/2038   3,690,397 
 3,106,000   Series 2024-FL2-C (1 mo. Term SOFR + 3.54%, 3.54% Floor)   7.86%(a)  08/19/2037   3,096,045 
     BSPDF Issuer Ltd.             
 2,500,000   Series 2021-FL1-D (1 mo. Term SOFR + 2.86%, 2.75% Floor)   7.18%(a)  10/15/2036   2,471,095 

 

 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     BX Trust             
 2,500,000   Series 2021-VIEW-G (1 mo. Term SOFR + 5.04%, 4.93% Floor)   9.36%(a)  06/15/2036   2,389,457 
 3,500,000   Series 2022-PSB-E (1 mo. Term SOFR + 6.34%, 6.34% Floor)   10.65%(a)  08/15/2039   3,503,071 
 1,940,000   Series 2025-LUNR-E (1 mo. Term SOFR + 3.95%, 3.95% Floor)   8.26%(a)  06/15/2040   1,949,754 
     BXMT Ltd.             
 1,190,000   Series 2020-FL3-AS (1 mo. Term SOFR + 2.36%, 2.36% Floor)   6.68%(a)  11/15/2037   1,188,896 
     CALI Mortgage Trust             
 1,547,000   Series 2024-SUN-C (1 mo. Term SOFR + 2.79%, 2.79% Floor)   7.10%(a)  07/15/2041   1,552,630 
     Computershare Corporate Trust             
 2,000,000   Series 2016-C33-D   3.12%(a)  03/15/2059   1,834,234 
 1,814,000   Series 2019-C50-D   3.00%(a)  05/15/2052   1,488,103 
     Credit Suisse Mortgage Capital Certificates             
 18,014,000   Series 2016-NXSR-XE   1.00%(a)(f)(h)  12/15/2049   206,511 
     CSAIL Commercial Mortgage Trust             
 53,497,389   Series 2017-CX9-XA   0.72%(f)(h)  09/15/2050   396,870 
 2,500,000   Series 2020-C19-E   2.50%(a)  03/15/2053   814,955 
 13,238,000   Series 2020-C19-XD   1.23%(a)(f)(h)  03/15/2053   568,539 
     CSWF             
 3,754,616   Series 2018-TOP-H (1 mo. Term SOFR + 3.66%, 3.61% Floor)   7.97%(a)  08/15/2035   3,556,639 
     Del Amo Fashion Center Trust             
 2,100,000   Series 2017-AMO-C   3.76%(a)(f)  06/05/2035   1,973,393 
     DOLP Trust             
 4,000,000   Series 2021-NYC-F   3.70%(a)(f)  05/10/2041   2,937,680 
     Granite Point Mortgage Trust, Inc.             
 1,780,000   Series 2021-FL4-B (1 mo. Term SOFR + 2.06%, 1.95% Floor)   6.38%(a)  12/15/2036   1,736,678 
     Great Wolf Trust             
 2,500,000   Series 2024-WLF2-E (1 mo. Term SOFR + 3.64%)   7.95%(a)  05/15/2041   2,506,401 
 1,000,000   Series 2024-WOLF-E (1 mo. Term SOFR + 3.64%, 3.64% Floor)   7.95%(a)  03/15/2039   1,005,895 
     Greystone Commercial Real Estate Notes             
 2,650,000   Series 2021-FL3-D (1 mo. Term SOFR + 2.31%, 2.20% Floor)   6.63%(a)  07/15/2039   2,635,401 
 2,120,000   Series 2025-FL4-C (1 mo. Term SOFR + 2.89%, 2.89% Floor)   7.20%(a)  01/15/2043   2,122,264 
     GS Mortgage Securities Corp. II             
 1,054,710   Series 2010-C1-C   5.64%(a)(f)  08/10/2043   1,048,174 
 890,000   Series 2014-GC26-D   4.55%(a)(f)  11/10/2047   518,434 
 905,674   Series 2015-GC28-D   4.56%(a)(f)  02/10/2048   868,202 
 7,105,684   Series 2016-GS3-XA   1.30%(f)(h)  10/10/2049   57,671 
 2,000,000   Series 2023-SHIP-D   6.27%(a)(f)  09/10/2038   2,002,232 
     HGI CRE CLO Ltd.             
 1,500,000   Series 2021-FL2-D (1 mo. Term SOFR + 2.26%, 2.26% Floor)   6.58%(a)  09/17/2036   1,498,230 
 1,640,000   Series 2021-FL2-E (1 mo. Term SOFR + 2.56%, 2.56% Floor)   6.88%(a)  09/17/2036   1,619,815 
 2,000,000   Series 2022-FL3-B (30 day avg SOFR US + 2.60%, 2.60% Floor)   6.90%(a)  04/20/2037   2,008,766 
     HIG RCP LLC             
 4,000,000   Series 2023-FL1-B (1 mo. Term SOFR + 3.61%, 3.61% Floor)   7.93%(a)  09/19/2038   4,028,928 
     JP Morgan Chase Commercial Mortgage Securities             
 4,000,000   Series 2019-MFP-G (1 mo. Term SOFR + 4.10%, 4.05% Floor)   8.41%(a)  07/15/2036   2,918,615 
 4,000,000   Series 2019-MFP-XG   0.50%(a)(f)(h)  07/15/2036   37,229 
     JPMBB Commercial Mortgage Securities Trust             
 4,265,065   Series 2014-C23-XA   0.51%(f)(h)  09/15/2047   60 
 2,265,000   Series 2015-C27-D   3.95%(a)(f)  02/15/2048   592,184 
 38,835,775   Series 2015-C32-XA   1.23%(f)(h)  11/15/2048   1,095 
     JPMDB Commercial Mortgage Securities Trust             
 25,460,000   Series 2020-COR7-XB   0.56%(f)(h)  05/13/2053   494,331 
 10,244,000   Series 2020-COR7-XD   2.11%(a)(f)(h)  05/13/2053   791,926 
     KREF             
 3,250,000   Series 2021-FL2-C (1 mo. Term SOFR + 2.11%, 2.00% Floor)   6.43%(a)  02/15/2039   3,220,769 
     LoanCore             
 5,000,000   Series 2021-CRE5-C (1 mo. Term SOFR + 2.46%, 2.46% Floor)   6.78%(a)  07/15/2036   4,942,220 
 2,200,000   Series 2021-CRE6-D (1 mo. Term SOFR + 2.96%, 2.85% Floor)   7.28%(a)  11/15/2038   2,207,702 
 1,660,000   Series 2025-CRE8-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)   7.05%(a)  08/17/2042   1,616,131 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     MF1 Multifamily Housing Mortgage Loan Trust             
 770,000   Series 2021-FL5-E (1 mo. Term SOFR + 3.11%, 3.11% Floor)   7.43%(a)  07/15/2036   770,150 
 2,050,000   Series 2021-FL6-E (1 mo. Term SOFR + 3.06%, 2.95% Floor)   7.38%(a)  07/16/2036   2,028,420 
 2,550,000   Series 2021-FL7-E (1 mo. Term SOFR + 2.91%, 2.80% Floor)   7.23%(a)  10/16/2036   2,474,270 
 1,500,000   Series 2022-FL10-D (1 mo. Term SOFR + 5.73%, 5.73% Floor)   10.05%(a)  09/17/2037   1,506,865 
 1,500,000   Series 2024-FL14-D (1 mo. Term SOFR + 4.84%, 4.84% Floor)   9.16%(a)  03/19/2039   1,520,923 
 2,450,000   Series 2024-FL15-C (1 mo. Term SOFR + 2.94%, 2.94% Floor)   7.25%(a)  08/18/2041   2,462,306 
 1,770,000   Series 2025-FL17-D (1 mo. Term SOFR + 2.74%, 2.74% Floor)   7.06%(a)  02/18/2040   1,750,201 
 2,750,000   Series 2025-FL19-C (1 mo. Term SOFR + 2.84%, 2.84% Floor)   7.16%(a)  05/18/2042   2,750,833 
     MFT Trust             
 600,000   Series 2020-ABC-D   3.59%(a)(f)  02/10/2042   366,436 
     Morgan Stanley ABS Capital I, Inc.             
 454,562,500   Series 2022-L8-XA   0.09%(f)(h)  04/15/2055   1,535,103 
     Morgan Stanley Bank of America Merrill Lynch Trust             
 5,000,000   Series 2015-C27-D   3.24%(a)(f)  12/15/2047   4,348,136 
     Morgan Stanley Capital I, Inc.             
 5,000,000   Series 2019-PLND-G (1 mo. Term SOFR + 3.76%, 3.65% Floor)   8.08%(a)  05/15/2036   393,750 
     NYC Commercial Mortgage Trust             
 1,070,000   Series 2025-3BP-E (1 mo. Term SOFR + 3.54%, 3.54% Floor)   7.85%(a)  02/15/2042   1,057,118 
     PFP III Ltd.             
 1,602,000   Series 2023-10-C (1 mo. Term SOFR + 4.12%, 4.12% Floor)   8.44%(a)  09/16/2038   1,612,868 
 2,634,186   Series 2024-11-C (1 mo. Term SOFR + 2.99%, 2.99% Floor)   7.30%(a)  09/17/2039   2,639,752 
 3,000,000   Series 2025-12-C (1 mo. Term SOFR + 2.54%, 2.54% Floor)   6.86%(a)  12/18/2042   3,004,209 
     Ready Capital Corp.             
 1,250,000   Series 2021-FL7-E (1 mo. Term SOFR + 3.51%, 3.40% Floor)   7.83%(a)  11/25/2036   1,249,365 
 3,250,000   Series 2023-FL11-B (1 mo. Term SOFR + 3.53%, 3.53% Floor)   7.85%(a)  10/25/2039   3,261,700 
 2,887,000   Series 2023-FL11-C (1 mo. Term SOFR + 4.28%, 4.28% Floor)   8.60%(a)  10/25/2039   2,899,645 
 2,000,000   Series 2023-FL12-C (1 mo. Term SOFR + 4.55%, 4.55% Floor)   8.87%(a)  05/25/2038   2,024,664 
     SMR Mortgage Trust             
 4,944,657   Series 2022-IND-G (1 mo. Term SOFR + 7.50%, 7.50% Floor)   11.81%(a)  02/15/2039   4,388,066 
     Starwood Property Trust, Inc.             
 2,325,000   Series 2022-FL3-B (30 day avg SOFR US + 1.95%, 1.95% Floor)   6.25%(a)  11/15/2038   2,287,040 
     TPG Real Estate Finance Issuer Ltd.             
 2,510,000   Series 2021-FL4-B (1 mo. Term SOFR + 1.96%, 1.85% Floor)   6.28%(a)  03/15/2038   2,508,509 
 2,479,500   Series 2022-FL5-B (1 mo. Term SOFR + 2.45%, 2.45% Floor)   6.76%(a)  02/15/2039   2,475,667 
     UBS-Barclays Commercial Mortgage Trust             
 3,000,000   Series 2013-C5-C   3.84%(a)(f)  03/10/2046   2,724,509 
     Wachovia Bank Commercial Mortgage Trust             
 3,121,148   Series 2005-C21-E   5.12%(a)(f)  10/15/2044   1,264,065 
     WHARF Trust             
 1,500,000   Series 2025-DC-E   7.72%(a)(f)  07/15/2040   1,541,930 
     Total Non-Agency Commercial Mortgage Backed Obligations (Cost $203,254,288)           175,447,508 
 NON-AGENCY RESIDENTIAL COLLATERALIZED MORTGAGE OBLIGATIONS - 17.1%             
     ACE Securities Corp.             
 8,553,451   Series 2006-HE4-A2B (1 mo. Term SOFR + 0.33%, 0.22% Floor)   4.65%  10/25/2036   3,363,917 
     Countrywide Alternative Loan Trust             
 5,297,284   Series 2005-J12-2A1 (1 mo. Term SOFR + 0.65%, 0.54% Floor, 11.00% Cap)   4.97%  08/25/2035   2,698,828 
     Deephaven Residential Mortgage Trust             
 10,000,000   Series 2020-2-B3   6.39%(a)(f)  05/25/2065   9,968,511 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     Fannie Mae Connecticut Avenue Securities             
 6,066,644   Series 2019-R05-1B1 (30 day avg SOFR US + 4.21%, 0.00% Floor)   8.52%(a)  07/25/2039   6,224,305 
 3,280,985   Series 2019-R07-1B1 (30 day avg SOFR US + 3.51%, 0.00% Floor)   7.82%(a)  10/25/2039   3,354,598 
     Federal National Mortgage Association             
 8,400,000   Series 2021-R02-2B2 (30 day avg SOFR US + 6.20%, 0.00% Floor)   10.51%(a)  11/25/2041   8,821,085 
     Freddie Mac Structured Agency Credit Risk Debt Notes             
 9,250,000   Series 2020-DNA1-B2 (30 day avg SOFR US + 5.36%, 0.00% Floor)   9.67%(a)  01/25/2050   10,219,633 
 3,000,000   Series 2020-DNA2-B2 (30 day avg SOFR US + 4.91%, 0.00% Floor)   9.22%(a)  02/25/2050   3,295,987 
 6,000,000   Series 2020-DNA6-B2 (30 day avg SOFR US + 5.65%, 0.00% Floor)   9.96%(a)  12/25/2050   6,863,180 
 22,000,000   Series 2020-HQA2-B2 (30 day avg SOFR US + 7.71%, 0.00% Floor)   12.02%(a)  03/25/2050   26,709,690 
 9,750,000   Series 2020-HQA5-B2 (30 day avg SOFR US + 7.40%, 0.00% Floor)   11.71%(a)  11/25/2050   11,742,124 
     GS Mortgage-Backed Securities Trust             
 1,500,000   Series 2020-NQM1-B2   6.90%(a)(f)  09/27/2060   1,523,372 
     Homeward Opportunities Fund I Trust             
 8,000,000   Series 2020-2-B1   5.45%(a)(f)  05/25/2065   7,978,914 
     JP Morgan Alternative Loan Trust             
 5,981,464   Series 2007-A2-12A1 (1 mo. Term SOFR + 0.51%, 0.40% Floor, 11.50% Cap)   4.83%  06/25/2037   2,229,813 
     JP Morgan Mortgage Trust             
 2,500,000   Series 2024-VIS2-B2   7.72%(a)(f)  11/25/2064   2,455,431 
     Rithm Capital Corp.             
 4,102,000   Series 2020-NQM2-B1   4.08%(a)(f)  05/24/2060   3,605,056 
 2,886,000   Series 2020-NQM2-B2   4.08%(a)(f)  05/24/2060   2,438,248 
     TBW Mortgage Backed Pass Through Certificates             
 4,132,264   Series 2007-2-A1A   5.96%(f)  07/25/2037   1,175,246 
     Verus Securitization Trust             
 5,000,000   Series 2020-4-B2   5.60%(a)(f)  05/25/2065   4,999,546 
     Vista Point Securitization Trust             
 9,222,000   Series 2020-1-B2   5.38%(a)(f)  03/25/2065   8,791,274 
 3,396,000   Series 2020-2-B2   5.16%(a)(f)  04/25/2065   3,243,264 
     Total Non-Agency Residential Collateralized Mortgage Obligations (Cost $125,255,113)           131,702,022 
 US CORPORATE BONDS - 17.4%             
 2,290,000   1261229 BC Ltd.   10.00%(a)  04/15/2032   2,311,732 
 2,130,000   Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.   9.75%(a)  04/15/2030   2,166,016 
 1,060,000   APH / APH2 / APH3   7.88%(a)  11/01/2029   1,085,175 
 830,000   Artera Services LLC   8.50%(a)  02/15/2031   691,827 
 1,574,922   ASP Unifrax Holdings, Inc.
 (7.10% Cash or 5.85% Cash + 1.25% PIK)		   7.10%(a)  09/30/2029   724,464 
 3,580,000   AthenaHealth Group, Inc.   6.50%(a)  02/15/2030   3,527,071 
 1,710,000   Bausch + Lomb Corp.   8.38%(a)  10/01/2028   1,786,950 
 940,000   Beach Acquisition Bidco LLC
 (10.00% Cash or 10.75% PIK)		   10.00%(a)  07/15/2033   976,674 
 1,640,000   Brand Industrial Services, Inc.   10.38%(a)  08/01/2030   1,515,173 
 1,350,000   Caesars Entertainment, Inc.   8.13%(a)  07/01/2027   1,351,249 
 5,455,000   Castle US Holding Corp.   10.00%(a)  06/30/2031   2,372,925 
 690,000   CHS/Community Health Systems, Inc.   10.88%(a)  01/15/2032   732,171 
 1,925,000   Clear Channel Outdoor Holdings, Inc.   7.50%(a)  06/01/2029   1,782,006 
 2,335,000   Cobra AcquisitionCo LLC   6.38%(a)  11/01/2029   2,011,798 
 3,150,000   CommScope LLC   9.50%(a)  12/15/2031   3,301,035 
 1,605,000   CoreWeave, Inc.   9.25%(a)  06/01/2030   1,642,209 
 1,580,000   Cornerstone Building Brands, Inc.   9.50%(a)  08/15/2029   1,453,910 
 1,695,000   Dcli Bidco LLC   7.75%(a)  11/15/2029   1,718,396 
 3,895,000   Dealer Tire LLC / DT Issuer LLC   8.00%(a)  02/01/2028   3,765,629 
 3,395,000   Directv Financing LLC / Directv Financing Co.-Obligor, Inc.   10.00%(a)  02/15/2031   3,298,305 

 

 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 1,175,000   DISH DBS Corp.   5.75%(a)  12/01/2028   1,019,313 
 2,005,000   Dornoch Debt Merger Sub, Inc.   6.63%(a)  10/15/2029   1,555,150 
 1,580,000   EchoStar Corp.   10.75%  11/30/2029   1,628,743 
 2,943,000   Embarq LLC   8.00%  06/01/2036   1,351,205 
 3,550,000   Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.   6.75%(a)  01/15/2030   3,278,803 
 1,400,000   Freedom Mortgage Holdings LLC   8.38%(a)  04/01/2032   1,416,201 
 1,640,000   Full House Resorts, Inc.   8.25%(a)  02/15/2028   1,594,685 
 335,000   GrafTech Global Enterprises, Inc.   9.88%(a)  12/23/2029   266,325 
 1,675,000   Gray Media, Inc.   10.50%(a)  07/15/2029   1,800,751 
 3,400,000   Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl   8.75%(a)  05/01/2029   3,500,351 
 965,000   Hightower Holding LLC   6.75%(a)  04/15/2029   962,545 
 1,285,000   Hightower Holding LLC   9.13%(a)  01/31/2030   1,369,216 
 3,580,000   Illuminate Buyer LLC / Illuminate Holdings IV, Inc.   9.00%(a)  07/01/2028   3,599,994 
 1,110,000   JetBlue Airways Corp. / JetBlue Loyalty LP   9.88%(a)  09/20/2031   1,080,592 
 1,070,000   Kohl's Corp.   10.00%(a)  06/01/2030   1,110,285 
 1,353,000   LBM Acquisition LLC   6.25%(a)  01/15/2029   1,174,884 
 1,215,000   LFS Topco LLC   8.75%(a)  07/15/2030   1,196,148 
 1,545,000   LifePoint Health, Inc.   11.00%(a)  10/15/2030   1,706,369 
 3,100,000   LifePoint Health, Inc.   10.00%(a)  06/01/2032   3,202,036 
 1,845,000   Mativ Holdings, Inc.   8.00%(a)  10/01/2029   1,674,017 
 2,200,000   Michaels Cos., Inc.   5.25%(a)  05/01/2028   1,769,904 
 750,000   ModivCare, Inc.   5.00%(a)  10/01/2029   26,250 
 915,000   Nabors Industries, Inc.   8.88%(a)  08/15/2031   680,392 
 4,395,000   Newfold Digital Holdings Group, Inc.   6.00%(a)  02/15/2029   2,560,087 
 1,985,000   NGL Energy Operating LLC / NGL Energy Finance Corp.   8.38%(a)  02/15/2032   1,992,589 
 250,000   Olympus Water US Holding Corp.   6.25%(a)  10/01/2029   238,775 
 1,030,000   OneMain Finance Corp.   9.00%  01/15/2029   1,080,777 
 6,700,000   PetSmart, Inc. / PetSmart Finance Corp.   7.75%(a)  02/15/2029   6,517,238 
 1,765,000   Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.   5.88%(a)  09/01/2031   968,544 
 2,568,129   Radiology Partners, Inc.
 (9.78% Cash or 9.78% PIK)		   9.78%(a)  02/15/2030   2,526,397 
 1,500,000   Radiology Partners, Inc.   8.50%(a)  07/15/2032   1,505,370 
 973,000   Sabre GLBL, Inc.   8.63%(a)  06/01/2027   996,722 
 1,039,000   Sabre GLBL, Inc.   10.75%(a)  11/15/2029   1,071,517 
 955,000   Staples, Inc.   10.75%(a)  09/01/2029   908,611 
 2,500,000   Staples, Inc.   12.75%(a)  01/15/2030   1,666,891 
 1,370,000   Starz Capital Holdings LLC   5.50%(a)  04/15/2029   1,142,717 
 4,170,000   SWF Holdings I Corp.   6.50%(a)  10/01/2029   1,615,875 
 3,410,000   TKC Holdings, Inc.   10.50%(a)  05/15/2029   3,507,140 
 885,000   TMS International Corp./DE   6.25%(a)  04/15/2029   842,195 
 4,130,000   Trident TPI Holdings, Inc.   12.75%(a)  12/31/2028   4,386,188 
 2,460,000   Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC   6.50%(a)  02/15/2029   2,380,035 
 2,060,000   Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC   8.63%(a)  06/15/2032   2,082,677 
 3,190,000   Univision Communications, Inc.   8.50%(a)  07/31/2031   3,196,420 
 845,000   Venture Global LNG, Inc.   8.38%(a)  06/01/2031   878,251 
 840,000   Veritiv Operating Co.   10.50%(a)  11/30/2030   910,346 
 1,050,000   Vibrantz Technologies, Inc.   9.00%(a)  02/15/2030   708,265 
 3,440,000   Victra Holdings LLC / Victra Finance Corp.   8.75%(a)  09/15/2029   3,608,147 
 4,885,000   Viking Cruises Ltd.   9.13%(a)  07/15/2031   5,264,203 
 2,545,000   Vital Energy, Inc.   7.88%(a)  04/15/2032   2,178,000 
 206,640   Vortex Opco LLC
 (3 mo. Term SOFR + 6.25%, 0.50% Floor)		   10.54%(a)  04/30/2030   204,057 
 1,645,000   Voyager Parent LLC   9.25%(a)  07/01/2032   1,712,530 
 1,645,000   Weatherford International Ltd.   8.63%(a)  04/30/2030   1,696,632 
     Total US Corporate Bonds (Cost $145,666,940)           133,526,070 
 US GOVERNMENT AND AGENCY MORTGAGE BACKED OBLIGATIONS - 3.1%             
     Federal Home Loan Mortgage Corp.             
 5,790,800   Series 313-S1Pool S1-3249 (-1 x 30 day avg SOFR US + 5.79%, 0.00% Floor, 5.90% Cap)   1.48%(h)(i)  09/15/2043   560,110 

 

 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
 1,902,554   Series 3997-SA (-1 x 30 day avg SOFR US + 6.39%, 0.00% Floor, 6.50% Cap)   2.08%(h)(i)  02/15/2042   254,563 
 2,741,364   Series 4091-VI (-1 x 30 day avg SOFR US + 4.89%, 0.00% Floor, 5.00% Cap)   0.57%(h)(i)  11/15/2040   205,487 
 4,518,282   Series 4119-SC (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)   1.73%(h)(i)  10/15/2042   528,053 
 2,395,193   Series 4643-SA (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.58%(h)(i)  01/15/2047   284,959 
 6,470,578   Series 4863-IA   4.50%(h)  03/15/2045   796,060 
 14,308,959   Series 5004-SD (-1 x 30 day avg SOFR US + 6.10%, 0.00% Floor, 6.10% Cap)   1.79%(h)(i)  08/25/2050   2,215,585 
     Federal National Mortgage Association             
 5,920,482   Series 2012-124-SE (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)   1.73%(h)(i)  11/25/2042   744,482 
 7,263,298   Series 2012-84-HS (-1 x 30 day avg SOFR US + 5.89%, 0.00% Floor, 6.00% Cap)   1.58%(h)(i)  08/25/2042   774,452 
 4,098,682   Series 2017-69-ES (-1 x 30 day avg SOFR US + 6.04%, 0.00% Floor, 6.15% Cap)   1.73%(h)(i)  09/25/2047   447,486 
 5,473,516   Series 2019-25-SB (-1 x 30 day avg SOFR US + 5.94%, 0.00% Floor, 6.05% Cap)   1.63%(h)(i)  06/25/2049   610,309 
     FREMF Mortgage Trust             
 2,765,578   Series 2018-KF56-C (30 day avg SOFR US + 5.91%, 5.80% Floor)   10.23%(a)  11/25/2028   2,469,267 
 7,424,247   Series 2019-KF71-C (30 day avg SOFR US + 6.11%, 6.00% Floor)   10.43%(a)  10/25/2029   7,165,164 
     Government National Mortgage Association             
 8,727,199   Series 2019-22-SA (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap)   1.17%(h)(i)  02/20/2045   833,783 
 4,800,772   Series 2020-21-NS (-1 x 1 mo. Term SOFR + 5.94%, 0.00% Floor, 6.05% Cap)   1.62%(h)(i)  04/20/2048   562,225 
 5,708,197   Series 2020-47-SL (-1 x 1 mo. Term SOFR + 5.26%, 0.00% Floor, 5.37% Cap)   0.94%(h)(i)  07/20/2044   458,506 
 9,798,559   Series 2020-61-SU (-1 x 1 mo. Term SOFR + 5.49%, 0.00% Floor, 5.60% Cap)   1.17%(h)(i)  07/16/2045   787,556 
 3,820,526   Series 2020-77-SU (-1 x 1 mo. Term SOFR + 5.99%, 0.00% Floor, 6.10% Cap)   1.67%(h)(i)  09/20/2047   476,693 
 22,061,197   Series 2021-97-SG (-1 x 30 day avg SOFR US + 2.60%, 0.00% Floor, 2.60% Cap)   0.00%(h)(i)  06/20/2051   155,593 
 30,831,256   Series 2021-H04-BI   0.97%(f)(h)  02/01/2071   1,902,600 
 31,720,434   Series 2021-H07-AI   0.93%(f)(h)  05/20/2071   1,743,307 
     Total US Government and Agency Mortgage Backed Obligations (Cost $28,755,729)           23,976,240 
 COMMON STOCKS - 0.0%(j)             
 3,422   Asphalt ATD Holdco, LLC(c)(k)           55,652 
 62,660   JOANN, Inc.(c)(k)           —   
 105,809   Oi SA(c)           15,871 
 12,858   Riverbed - Class B(c)(k)           1,614 
 4,893   Stichting Administratiekantoor ADR(c)(k)           —   
 1,800   Stichting Administratiekantoor Unigel Creditors(c)(k)           —   
     Total Common Stocks (Cost $429,901)           73,137 
 ESCROW NOTES - 0.1%             
 4,600,000   Credito Real SAB de CV SOFOM ER(k)           598,000 
     Total Escrow Notes (Cost $4,404,302)           598,000 
 PREFERRED STOCKS - 1.4%             
 430,000   AGNC Investment Corp. Series F (3 mo. Term SOFR + 4.96%)(g)           10,797,300 
     Total Preferred Stocks (Cost $9,302,263)           10,797,300 
 REAL ESTATE INVESTMENT TRUSTS - 0.8%             
 650,000   AGNC Investment Corp.           5,973,500 
 

 

PRINCIPAL AMOUNT
$/SHARES		  SECURITY DESCRIPTION  RATE  MATURITY  VALUE $
     Total Real Estate Investment Trusts (Cost $8,298,946)           5,973,500 
 SHORT TERM INVESTMENTS - 2.2%             
 5,586,836   First American Government Obligations Fund - U   4.28%(l)      5,586,836 
 5,586,836   JPMorgan US Government Money Market Fund - IM   4.28%(l)      5,586,836 
 5,586,836   MSILF Government Portfolio - Institutional   4.24%(l)      5,586,836 
     Total Short Term Investments (Cost $16,760,508)           16,760,508 
                   
     Total Investments - 118.5%(m) (Cost $988,921,736)            910,593,453 
     Other Liabilities in Excess of Assets - (18.5)%           (142,019,057)
     NET ASSETS - 100.0%          $768,574,396 
 

 

SECURITY TYPE BREAKDOWN as a % of Net Assets:   
Non-Agency Commercial Mortgage Backed Obligations   22.8%
Bank Loans   21.6%
US Corporate Bonds   17.4%
Non-Agency Residential Collateralized Mortgage Obligations   17.1%
Foreign Corporate Bonds   12.5%
Collateralized Loan Obligations   10.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   6.7%
US Government and Agency Mortgage Backed Obligations   3.1%
Short Term Investments   2.2%
Asset Backed Obligations   2.0%
Preferred Stocks   1.4%
Real Estate Investment Trusts   0.8%
Escrow Notes   0.1%
Common Stocks   0.0%(j)
Other Assets and Liabilities   (18.5)%
Net Assets   100.0%

 

INVESTMENT BREAKDOWN as a % of Net Assets:   
Non-Agency Commercial Mortgage Backed Obligations   22.8%
Non-Agency Residential Collateralized Mortgage Obligations   17.1%
Collateralized Loan Obligations   10.8%
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   4.5%
Electronics/Electric   4.4%
Media   4.3%
Energy   4.1%
Healthcare   4.1%
Retailers (other than Food/Drug)   3.8%
Transportation   3.3%
US Government and Agency Mortgage Backed Obligations   3.1%
Technology   3.1%
Chemicals/Plastics   2.8%
Hotels/Motels/Inns and Casinos   2.5%
Finance   2.4%
Commercial Services   2.2%
Real Estate   2.2%
Short Term Investments   2.2%
Asset Backed Obligations   2.0%
Utilities   1.9%
Industrial Equipment   1.6%
Consumer Products   1.6%
Containers and Glass Products   1.5%
Leisure   1.2%
 

 

INVESTMENT BREAKDOWN as a % of Net Assets:   
Mining   1.1%
Telecommunications   1.0%
Chemical Products   1.0%
Automotive   0.9%
Building and Development (including Steel/Metals)   0.8%
Insurance   0.7%
Construction   0.7%
Diversified Manufacturing   0.7%
Pharmaceuticals   0.6%
Food Service   0.4%
Business Equipment and Services   0.4%
Pulp & Paper   0.3%
Food Products   0.2%
Aerospace & Defense   0.1%
Escrow Notes   0.1%
Other Assets and Liabilities   (18.5)%
Net Assets   100.0%

 

(a)   Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of June 30, 2025, the value of these securities total $566,907,839 or 73.8% of the Fund's net assets.
(b)   Security pays interest at rates that represent residual cashflows available after more senior tranches have been paid.
(c)   Value determined using significant unobservable inputs.
(d)   Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of period end.
(e)   Security is in default or has failed to make a scheduled payment. Income is not being accrued.
(f)   Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of period end.
(g)   Perpetual maturity. The date disclosed is the next call date of the security.
(h)   Interest only security
(i)   Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.
(j)   Represents less than 0.05% of net assets.
(k)   Non-income producing security.
(l)   Seven-day yield as of period end.
(m)   Under the Fund's Credit Agreement, the lender, through their agent, have been granted a security interest in all of the Fund's investments in consideration of the Fund's borrowings under the line of credit with the lender.
     
PIK A payment-in-kind security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.
SOFR Secured Overnight Financing Rate
 

 

Futures Contracts                     
Description  Long/ Short   Contract Quantity   Expiration
 Date		   Notional
Amount(1)		    Unrealized Appreciation (Depreciation)/ Value 
10 Year U.S. Ultra Treasury Notes  Long   275   9/19/2025  $30,794,088   $628,959 
U.S. Treasury 2 Year Notes  Long   200   9/30/2025   41,451,997    152,691 
                   $781,650 

 

(1)   Notional Amount is determined based on the number of contracts multiplied by the contract size and the quoted daily settlement price in US dollars.
 

 

Notes to Schedule of Investments

June 30, 2025 (Unaudited)

 

1. Significant Accounting Policies

 

The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946, Financial Services— Investment Companies, by the Financial Accounting Standards Board (“FASB”). The following is a summary of the significant accounting policies of the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“US GAAP”).

 

A. Security Valuation. The Fund has adopted US GAAP fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:

 

•Level 1—Unadjusted quoted market prices in active markets for identical securities
•Level 2—Quoted prices for identical or similar assets in markets that are not active, or inputs derived from observable market data
•Level 3—Significant unobservable inputs (including the reporting entity’s estimates and assumptions)

 

Valuations for domestic and foreign fixed income securities are normally determined on the basis of evaluations provided by independent pricing services. Vendors typically value such securities based on one or more inputs described in the following table which is not intended to be a complete list. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed income securities in which the Fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described in the following table are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.

 

 

Fixed-income class Examples of Inputs
All Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds and notes; convertible securities Standard inputs and underlying equity of the issuer
US bonds and notes of government and government agencies Standard inputs
Residential and commercial mortgage-backed obligations; asset-backed obligations (including collateralized loan obligations) Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information, trustee reports
Bank loans Standard inputs

 

Investments in registered open-end management investment companies will be valued based upon the net asset value (“NAV”) of such investments and are categorized as Level 1 of the fair value hierarchy.

 

Common stocks, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts, that are traded on a national securities or commodities exchange, are typically valued at the last reported sales price, in the case of common stocks and exchange-traded funds, or, in the case of futures contracts or options contracts, the settlement price determined by the relevant exchange. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

 

Over-the-counter financial derivative instruments, such as forward currency exchange contracts, options contracts, or swap agreements, derive their values from underlying asset prices, indices, reference rates, other inputs or a combination of these factors. These instruments are normally valued on the basis of valuations obtained from counterparties, published index closing levels or evaluated prices supplied by independent pricing services, some or all of which may be based on market data from trading on exchanges that closed significantly before the time as of which the Fund calculates its NAV. Forward foreign currency contracts are generally valued based on rates provided by independent data providers. Exchange traded futures and options on futures are generally valued at the settlement price determined by the relevant exchange on which they principally trade, and exchange traded options are generally valued at the last trade price on the exchange on which they principally trade. The Fund does not normally take into account trading, clearances or settlements that take place after the close of the principal exchange or market on which such securities are traded. Depending on the instrument and the terms of the transaction, the value of the derivative instruments can be estimated by a pricing service provider using a series of techniques, such as simulation pricing models. The pricing models use issuer details and other inputs that are observed from actively quoted markets such as indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are normally categorized as Level 2 of the fair value hierarchy.

 

The Fund’s holdings in whole loans, securitizations and certain other types of alternative lending-related instruments may be valued based on prices provided by a third-party pricing service.

 

Senior secured floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mean of the last available bid/ask prices in the market for such loans, as provided by an independent pricing service. Where an active secondary market does not exist to a reliable degree in the judgment of DoubleLine Capital LP (the “Adviser” or “DoubleLine Capital”), such loans will be valued at fair value based on certain factors.

 

In respect of certain commercial real estate-related, residential real estate-related and certain other investments for which a limited market may exist, the Valuation Designee (as defined below) may value such investments based on appraisals conducted by an independent valuation advisor or a similar pricing agent. However, an independent valuation firm may not be retained to undertake an evaluation of an asset unless the NAV, market price and other aspects of an investment exceed certain significance thresholds.

 

The Board of Trustees has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

 

The following is a summary of the fair valuations according to the inputs used to value the Fund’s investments as of June 30, 2025:

 

Category     
Investments in Securities     
Level 1     
Short Term Investments  $16,760,508 
Preferred Stocks   10,797,300 
Real Estate Investment Trusts   5,973,500 
Total Level 1   33,531,308 
Level 2     
Non-Agency Commercial Mortgage Backed Obligations  $175,447,508 
Bank Loans   165,896,981 
US Corporate Bonds   133,526,070 
Non-Agency Residential Collateralized Mortgage Obligations   131,702,022 
Foreign Corporate Bonds   95,927,325 
Collateralized Loan Obligations   81,591,563 
Foreign Government Bonds, Foreign Agencies and Foreign Government Sponsored Corporations   51,724,568 
US Government and Agency Mortgage Backed Obligations   23,976,240 
Asset Backed Obligations   14,129,179 
Escrow Notes   598,000 
Total Level 2   874,519,456 
Level 3     
Collateralized Loan Obligations  $1,653,090 
Asset Backed Obligations   816,462 
Common Stocks   73,137 
Total Level 3   2,542,689 
Total  $910,593,453 
Other Financial Instruments     
Level 1     
Futures Contract  $781,650 
Total Level 1   781,650 
Level 2   - 
Level 3   - 
Total  $781,650 
See the Schedule of Investments for further disaggregation of investment categories.